The WSJ has failed to update inaccurate headlines about cryptocurrency aiding Hamas. It’s no surprise that people in the Web3 doubt reporters’ role in establishing reality in the world.
“It is difficult to get a man to understand something, when his salary depends on his not understanding it,” the writer Upton Sinclair famously said.
Stay in the know on crypto by frequently visiting Crypto News Today
So it is with those who continue to promote the notion that crypto donations fuel Palestinian violence.
Simply put, they refuse to embrace the reality because the falsehood is more convenient.
The Wall Street Journal misstepped last week when reporting that Hamas and other terror groups had received tens of millions of dollars in cryptocurrency and that the funds were being used to support the ongoing Middle Eastern conflict.
Blockchain analytics companies such as Chainalysis and Elliptic have now rejected the claim, claiming that the financing was likely in the thousands of dollars. But those comments haven’t convinced the Wall Street Journal to issue a correction, and they haven’t deterred important members of Congress, notably Senators Elizabeth Warren and Sherrod Brown, from pushing for a sweeping crypto crackdown.
Recently, Brown, the influential Senate Banking Committee chairman, called for more action against terrorism financing, including bitcoin, and it appears that many members of Congress are now willing to accept that the mere presence of cryptocurrency benefits those who kill and maim. Following the WSJ revelation, 102 lawmakers wrote to the US Treasury Department last week, requesting details on what is being done to prevent the use of cryptocurrency to support terrorists.
Advertisement
Follow GappyCoin PreSale on Twitter, and ReCap for information and more.
Consider “impact journalism.” Even though the evidence supporting the WSJ allegation is blatantly incorrect, the report has produced a clamor in Congress to crack down on cryptocurrency.
According to Elliptic, whose data was misrepresented in the WSJ piece, the “most prominent public crypto fundraising campaign has been operated by Gaza Now, a pro-Hamas news organization.” And it’s only $21,000 – money that appears to have been entirely frozen by the authorities.
Nic Carter, a renowned VC and CoinDesk blogger, has spearheaded calls for the WSJ to withdraw its piece in order to prevent the idea of crypto supporting Hamas and others from taking hold. However, his campaign may be too late. Even if the WSJ is true, Congress has already ran with the idea, and facts in this type of situation tend to become meaningless. Hundreds of thousands of regular, casual crypto/Congress/Hamas spectators now believe something that is not true.
All of this explains why many in the crypto business have grown weary of centralized media. They’ve battled to receive balanced coverage over the years, and they’re instinctively hostile to journalists who portray them as truth priests when they clearly have an axe to grind.
This aggressive attitude has been difficult to bear at times. Most crypto journalists are working hard to get the story straight, and it’s difficult to be painted with a wide brush. Not all journalists are same, and not everyone in the cryptocurrency sector is Sam Bankman-Fried.
However, after watching the Hamas funding scenario unfold, it’s difficult not to sympathize with those in crypto who are frustrated of media getting facts incorrect. Following Elliptic, Chainanalysis, and other debunkings, the WSJ could easily have revised their reporting. But it has chosen not to, despite the fact that it has a direct impact on policymaking at the highest levels.
That is an indictment of the mainstream media as well as a confirmation of Sinclair’s dictum. The only logical explanation for Warren, the WSJ, and others continuing to promote a blatantly false notion is that they do not want to know the reality. It’s inconvenient for their ambitions and egos, so they keep telling lies.
W
e hope you enjoyed this article. Before you move on, we invite you to consider supporting CryptoCaster’s journalism.
Billionaire owners like Elon Musk, Larry Fink (BlackRock), and Jamie Dimon (JP Morgan Chase) often have a strong influence on the hidden agendas surrounding the paradigm shift brought about by cryptocurrency and emerging Web3 technologies. CryptoCaster stands apart. We have no billionaire owner or shareholders to please. Our journalism is dedicated to serving the public interest in crypto development and institutional disruptions, not profit motives.
We avoid the pitfall of much U.S. and global media, which often resorts to false equivalence in the name of neutrality and retail consumer protection. While fairness and transparency guide everything we do, we recognize that there is a right and wrong stance in the fight against fiat global banking interests and the monetary reconstruction driven by the emerging crypto ecology.
When we report on issues like the FTX, Binance, and Ripple crises, we’re not afraid to name names and uncover the truth. As a crypto sentinel, we offer a fresh, outsider perspective on global monetary disruption—something often missing from the insular American and European media bubble.
CryptoCaster’s paywall-free journalism is accessible worldwide thanks to our unique reader-supported model. This is made possible by readers like you. Your support keeps us independent, free from outside influence, and accessible to everyone, regardless of their ability to pay for news and information.
We are grateful for the ongoing monetary support from our readers. If you haven’t yet considered supporting CryptoCaster, please consider contributing just once from $1 or more in Bitcoin (satoshi) or Ether, or even better, support us monthly with a bit more. Scroll further down this page to find CryptoCaster’s wallet addresses.
Thank you.
Kristin Steinbeck
Editor, CryptoCaster
Please Read Essential Disclaimer Information Here.
© 2024 Crypto Caster provides information. CryptoCaster.world does not provide investment advice. Do your research before taking a market position on the purchase of cryptocurrency and other asset classes. Past performance of any asset is not indicative of future results. All rights reserved.
Contribute to CryptoCaster℠ Via Metamask or favorite wallet. Send Coin/Token to Addresses Provided Below.
Thank you!
BTC – bc1qgdnd752esyl4jv6nhz3ypuzwa6wav9wuzaeg9g
ETH – 0x7D8D76E60bFF59c5295Aa1b39D651f6735D6413D
SOL – DLvdMu85dW6pZMhw2E4S3pp81qQQGpy5UcdTsFEFBu4b
LITECOIN – ltc1qxsgp5fykl0007hnwgl93zr9vngwd2jxwlddvqt
CRYPTOCASTER HEATMAP
